System and method for administration of life insurance policy with accelerated benefits

US8666857B2 · kind B2 · utility

Assignee

• The Prudential Insurance Company of America · US

Inventors

• Michael J. Roscoe · South Windsor, US
• Paul M. Fischer · Apple Valley, US
• Shawn P. Hilario · Town of West Hartford, US
• Stephen Roche · Simsbury, US

Key dates

• Filing date: Dec 10, 2010
• Grant date: Mar 4, 2014
• Expiry date: Jul 23, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/08
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A computer system for administering a life insurance policy is configured to, responsive to receipt of certification that the insured has either loss of ability to perform two activities of daily living or cognitive impairment, provide instructions to pay an owner of the policy, in periodic payments, an accelerated benefit, the accelerated benefit being in an amount less than the death benefit, a first of the periodic payments being for a time period commencing on a date of receipt of the certification, and continuing until the insured no longer has the loss of ability to perform two activities of daily living or cognitive impairment. The system is further configured to, responsive to each of the periodic payments, determine a reduction of the amount of the death benefit by an amount of each of the periodic payments.